The end of the year is a great time to review your current estate plan to see if changes are in order, whether due to changes in your tax situation, your asset values, your appointed fiduciaries, your beneficiaries and so on. Documents that were created when your children were born may need updating several years later, after your family and financial situation have changed. If you do not have an estate plan, now is a good time to start 2018 off with an estate plan in place!
Here are a few estate plan “resolutions” to add to your 2018 Resolutions:
- Begin the conversation. You and your family must first confront the reality that anyone can get sick and become incapacitated and that everyone dies. Having the conversation now with your spouse or your parents or other family members is a major step towards making sure your wishes are followed through and making sure your loved ones are spared the immense hassle of managing your affairs without a plan in place.
- Decide what you want to happen while you are alive. What measures do you want taken to extend your life (or not) when you cannot make your own medical decisions? How do you want your financial affairs managed when you are unable to? These wishes will be spelled out in your power of attorney documents, specifically your Durable Power of Attorney, your HIPAAs, and your Living Will and Patient Advocate Designation.
- Review your Life Insurance coverage. This is a biggie. Do you have enough to cover your family’s needs when you are gone? Do you have enough to cover certain expenses after your death? Or let’s say, for example, you have a child with disabilities or other unique needs, do you have enough to cover that child’s needs to help relieve the burden on your other family members?
Contact me if you have any questions or would like to discuss your potential estate planning needs!